Frasers Group demands resignation of Accent Group chairman

Frasers Group has escalated its takeover bid for Australian footwear retailer Accent Group by calling for the immediate resignation of Accent Chairman Lawrence Myers. In an open letter, Frasers Group CFO Chris Wootton described Myers’ position as “untenable,” citing a failure to address a 30 percent decline in share price, poor financial performance, and a lack of engagement with major shareholders.

Accent Group’s FY26 financial results showed a challenging period. While total sales reached $1.64 billion, the company reported a statutory net profit after tax loss of $13.8 million, following a $48.6 million non-cash goodwill impairment charge. The retailer also faced significant shareholder dissatisfaction, with approximately 82 percent of votes cast against its FY25 remuneration report.

Accent Group CEO Daniel Agostinelli noted that the company is focusing on its 2030 Strategic Growth Plan to drive recovery in FY27. This plan targets $1.9 billion in sales and a 9 percent EBIT margin. However, Frasers Group has questioned the credibility of these targets, noting that the 9 percent goal sits significantly above the company’s FY26 underlying EBIT margin of 7.2 percent.